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BEIJING, March 25, 2025 /PRNewswire/ -- iHuman Inc. (NYSE: IH) ("iHuman" or the "Company"), a leading provider of tech-powered, intellectual development products in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024. Fourth Quarter 2024 Highlights Revenues were RMB232.7 million (US$31.9 million), compared with RMB250.4 million in the same period last year. Gross profit was RMB156.4 million (US$21.4 million), compared with RMB178.2 million in the same period last year. Operating income was RMB14.9 million (US$2.0 million), compared with RMB21.9 million in the same period last year. Net income was RMB26.5 million (US$3.6 million), compared with RMB33.3 million in the same period last year. Average total MAUs[1] for the fourth quarter were 25.78 million, compared with 25.38 million in the same period last year. Fiscal Year 2024 Highlights Revenues were RMB922.2 million (US$126.3 million), compared with RMB1,018.1 million in fiscal year 2023. Gross profit was RMB640.2 million (US$87.7 million), compared with RMB721.3 million in fiscal year 2023. Operating income was RMB71.9 million (US$9.9 million), compared with RMB159.9 million in fiscal year 2023. Net income was RMB98.6 million (US$13.5 million), compared with RMB180.9 million in fiscal year 2023. Average total MAUs were 26.47 million, compared with 23.04 million in the fiscal year 2023. [1] "Average total MAUs" refers to the monthly average of the sum of the MAUs of each of the Company's apps during a specific period, which is counted based on the number of unique mobile devices through which such app is accessed at least once in a given month, and duplicate access to different apps is not eliminated from the total MAUs calculation. Dr. Peng Dai, Director and Chief Executive Officer of iHuman, commented, "As we navigated evolving market conditions, we concluded 2024 with a robust and diversified product portfolio, further enhanced with more AI-integrated features that reinforces our leadership in the industry. At the heart of our success is our long-standing dedication to technological innovation, particularly in artificial intelligence. Since establishing our AI Lab in 2018, we have consistently invested in cutting-edge advancements and seamlessly integrated them into our product offerings. By embracing transformative technologies such as AI-generated content (AIGC), we became one of the first companies in China to develop and launch a proprietary large language model (LLM), a breakthrough that now powers a comprehensive range of our offerings and elevates our user experience to new heights. Take iHuman Smart Coder as an example. Leveraging our LLM, we have transformed a traditional coding course into a highly engaging, personalized learning experience that provides real-time tailored guidance and support. Children benefit from a personalized virtual coding mentor by their side that can analyze their code, pinpoint bugs, and provide corrective feedback through features such as intuitive voice prompts, graphics, and animations, making learning more fun and accessible. Additionally, we have introduced an innovative learning framework that combines challenge-based exploration, project-driven creativity, and immersive robotics sessions. Our robotics session features a 3D interactive blueprint that enables users to visualize each step of the build, making it possible to assemble intricate robots online. Our proprietary high-intelligence controller and custom code editor further enhance the experience, allowing children to program more sophisticated and intelligent robot behaviors. Together, these innovations create a coding experience that not only inspires and engages users, but also delivers tangible outcomes. Within months of its launch, some young users successfully passed the online exam administered by the Chinese Institute of Electronics, earning the Blocks Programming Level 1 Certificate. While pushing the boundaries of innovation from within, we also closely monitor emerging market trends, swiftly embracing new technological breakthroughs to enhance our products and maintain a competitive edge. Our early adoption of the revolutionary DeepSeek models—beginning with the V2 model in May 2024 and now fully integrating the latest R1 model across our core offerings—demonstrates our agility and forward-thinking approach. By seamlessly integrating our extensive in-house AI expertise with best-in-class third-party solutions, we deliver a more personalized, dynamic, and intelligent product experience that is tailored to each child's unique developmental needs and preferences. As we look ahead to 2025, I am confident that our forward-thinking approach—anchored in technological excellence and creative content—will keep us at the forefront of the industry and pave the way for another promising year of growth and innovation," concluded Dr. Dai. Ms. Vivien Weiwei Wang, Director and Chief Financial Officer of iHuman, added, "Despite facing some pressure from evolving market conditions, we are proud to report another quarter of profitability, marking our 12th consecutive quarter of positive earnings and our third consecutive year of profitability since our IPO in 2020. This consistent performance reflects the resilience of our business model and our ability to deliver sustainable growth. Meanwhile, our board of directors has approved a special cash dividend of US$0.02 per ordinary share, or US$0.10 per American Depositary Share (ADS) for the second consecutive year, which reflects our confidence in the financials and commitment to delivering shareholder value. During the quarter, our animation studio, Kunpeng, made significant strides in both commercialization and global expansion. Capitalizing on the breakout success of the Rainbow Crew animated series, unveiled in October 2024, we introduced themed merchandise, including magic wands and stickers, with additional products currently in development. These initiatives have further enhanced the brand's presence and deepened fan engagement across multiple touchpoints. Additionally, we launched an official Rainbow Crew channel on YouTube, sharing select clips from the series. These videos have received warm feedback and strong engagement, helping build awareness among international audiences, laying the foundation for the overseas expansion of the series. In addition to enriching our product portfolio, we have also effectively leveraged popular social media platforms to broaden our influence and expand our market reach. Our in-house IP, Two Cats (liamiao)—designed to spark interest in English and develop language awareness through engaging comics—has gained significant traction on Red Note, amassing over 240,000 followers and nearly 700,000 likes and saves in just a few months. This highlights our ability to engage audiences across diverse platforms and build meaningful connections with our users. As we continue to make solid progress with our business, we remain focused on driving product innovation through ongoing advancements in content and technology. We are committed to translating our strategic investments into lasting value for our shareholders, users, and the broader industry." Fourth Quarter 2024 Unaudited Financial Results Revenues Revenues were RMB232.7 million (US$31.9 million), a decrease of 7.1% from RMB250.4 million in the same period last year, primarily due to the decline in China's newborn population and more conservative consumer spending. Average total MAUs for the quarter were 25.78 million, compared with 25.38 million in the same period last year. Cost of Revenues Cost of revenues was RMB76.2 million (US$10.4 million), compared with RMB72.2 million in the same period last year. Gross Profit and Gross Margin Gross profit was RMB156.4 million (US$21.4 million), a decrease of 12.2% from RMB178.2 million in the same period last year. Gross margin was 67.2%, compared with 71.2% in the same period last year. The decrease in gross margin was mainly due to the diversification and structural upgrades of the Company's product portfolio, especially with an increased focus on the offline component of its integrated online-offline strategy to boost the overall appeal of its offerings. Operating Expenses Total operating expenses were RMB141.5 million (US$19.4 million), a decrease of 9.5% from RMB156.4 million in the same period last year. Research and development expenses were RMB63.3 million (US$8.7 million), a decrease of 4.5% from RMB66.3 million in the same period last year. Sales and marketing expenses were RMB54.1 million (US$7.4 million), a decrease of 16.1% from RMB64.5 million in the same period last year, primarily due to strategic savings in spending on marketing activities in the fourth quarter. General and administrative expenses were RMB24.1 million (US$3.3 million), a decrease of 5.6% from RMB25.5 million in the same period last year, primarily due to decreases in share-based compensation, as well as other administrative expenses. Operating Income Operating income was RMB14.9 million (US$2.0 million), compared with RMB21.9 million in the same period last year. Net Income Net income was RMB26.5 million (US$3.6 million), compared with RMB33.3 million in the same period last year. Basic and diluted net income per ADS were RMB0.51 (US$0.07) and RMB0.49 (US$0.07), respectively, compared with RMB0.63 and RMB0.61 in the same period last year. Each ADS represents five Class A ordinary shares of the Company. Deferred Revenue and Customer Advances Deferred revenue and customer advances were RMB283.3 million (US$38.8 million) as of December 31, 2024, compared with RMB318.6 million as of December 31, 2023. Cash, Cash Equivalents and Short-term Investments Cash, cash equivalents and short-term investments were RMB1,168.7 million (US$160.1 million) as of December 31, 2024, compared with RMB1,213.8 million as of December 31, 2023. Fiscal Year 2024 Unaudited Financial Results Revenues Revenues were RMB922.2 million (US$126.3 million), a decrease of 9.4% from RMB1,018.1 million in fiscal year 2023, primarily due to the decline in China's newborn population and more conservative consumer spending. Average total MAUs were 26.47 million, an increase of 14.9% year-over-year from 23.04 million in fiscal year 2023, primarily due to the effective execution of our user acquisition strategy, particularly with the user expansion in overseas markets. Cost of Revenues Cost of revenues was RMB282.0 million (US$38.6 million), a decrease of 5.0% year-over-year from RMB296.9 million in fiscal year 2023, primarily due to decreased channel costs. Gross Profit and Gross Margin Gross profit was RMB640.2 million (US$87.7 million), a decrease of 11.2% from RMB721.3 million in fiscal year 2023. Gross margin was 69.4%, compared with 70.8% in fiscal year 2023. The decrease in gross margin was mainly due to the diversification and structural upgrades of the Company's product portfolio, especially with an increased focus on the offline component of its integrated online-offline strategy to boost the overall appeal of its offerings. Operating Expenses Total operating expenses were RMB568.2 million (US$77.8 million), compared with RMB561.4 million in fiscal year 2023. Research and development expenses were RMB247.8 million (US$33.9 million), a decrease of 3.8% from RMB257.5 million in fiscal year 2023. Sales and marketing expenses were RMB221.2 million (US$30.3 million), an increase of 10.9% from RMB199.5 million in fiscal year 2023, primarily due to increased strategic spending on promotional activities, brand enhancement, and overseas expansion. General and administrative expenses were RMB99.3 million (US$13.6 million), a decrease of 4.9% from RMB104.3 million in fiscal year 2023. Operating Income Operating income was RMB71.9 million (US$9.9 million), compared with RMB159.9 million in fiscal year 2023. Net Income Net income was RMB98.6 million (US$13.5 million), compared with RMB180.9 million in fiscal year 2023. Basic and diluted net income per ADS were RMB1.88 (US$0.26) and RMB1.82 (US$0.25), respectively, compared with RMB3.43 and RMB3.30 in fiscal year 2023. Each ADS represents five Class A ordinary shares of the Company. Special Cash Dividend To deliver return of capital to shareholders, the Company's board of directors (the "Board") approved a special cash dividend of US$0.02 per ordinary share, or US$0.10 per ADS, to holders of ordinary shares and holders of ADSs as of the close of business on April 17, 2025 New York Time, payable in U.S. dollars. The aggregate amount of the special dividend will be approximately US$5.2 million. The payment date is expected to be on or around May 8, 2025 and May 15, 2025 for holders of ordinary shares and holders of ADSs, respectively. Exchange Rate Information The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the reader. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2024, which was RMB7.2993 to US$1.00. The percentages stated in this press release are calculated based on the RMB amounts. Non-GAAP Financial Measures iHuman considers and uses non-GAAP financial measures, such as adjusted operating income, adjusted net income and adjusted diluted net income per ADS, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). iHuman defines adjusted operating income, adjusted net income and adjusted diluted net income per ADS as operating income, net income and diluted net income per ADS excluding share-based compensation expenses, respectively. Adjusted operating income, adjusted net income and adjusted diluted net income per ADS enable iHuman's management to assess its operating results without considering the impact of share-based compensation expenses, which are non-cash charges. iHuman believes that these non-GAAP financial measures provide useful information to investors in understanding and evaluating the Company's current operating performance and prospects in the same manner as management does, if they so choose. Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools, which possibly do not reflect all items of expense that affect our operations. Share-based compensation expenses have been and may continue to be incurred in our business and are not reflected in the presentation of the non-GAAP financial measures. In addition, the non-GAAP financial measures iHuman uses may differ from the non-GAAP measures used by other companies, including peer companies, and therefore their comparability may be limited. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about iHuman's beliefs and expectations, are forward-looking statements. Among other things, the description of the management's quotations in this announcement contains forward-looking statements. iHuman may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: iHuman's growth strategies; its future business development, financial condition and results of operations; its ability to continue to attract and retain users, convert non-paying users into paying users and increase the spending of paying users, the trends in, and size of, the market in which iHuman operates; its expectations regarding demand for, and market acceptance of, its products and services; its expectations regarding its relationships with business partners; general economic and business conditions; regulatory environment; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in iHuman's filings with the SEC. All information provided in this press release is as of the date of this press release, and iHuman does not undertake any obligation to update any forward-looking statement, except as required under applicable law. About iHuman Inc. iHuman Inc. is a leading provider of tech-powered, intellectual development products in China that is committed to making the child-upbringing experience easier for parents and transforming intellectual development into a fun journey for children. Benefiting from a deep legacy that combines over two decades of experience in the parenthood industry, superior original content, advanced high-tech innovation DNA and research & development capabilities with cutting-edge technologies, iHuman empowers parents with tools to make the child-upbringing experience more efficient. iHuman's unique, fun and interactive product offerings stimulate children's natural curiosity and exploration. The Company's comprehensive suite of innovative and high-quality products include self-directed apps, interactive content and smart devices that cover a broad variety of areas to develop children's abilities in speaking, critical thinking, independent reading and creativity, and foster their natural interest in traditional Chinese culture. Leveraging advanced technological capabilities, including 3D engines, AI/AR functionality, and big data analysis on children's behavior & psychology, iHuman believes it will continue to provide superior experience that is efficient and relieving for parents, and effective and fun for children, in China and all over the world, through its integrated suite of tech-powered, intellectual development products. For more information about iHuman, please visit https://ir.ihuman.com/. For investor and media enquiries, please contact: iHuman Inc.Mr. Justin ZhangInvestor Relations DirectorPhone: +86-10-5780-6606E-mail: ir@ihuman.com ChristensenIn ChinaMs. Alice LiPhone: +86-10-5900-1548E-mail: alice.li@christensencomms.com In the USMs. Linda BergkampPhone: +1-480-614-3004E-mail: linda.bergkamp@christensencomms.com iHuman Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares, ADSs, per share and per ADS data) December 31, December 31, December 31, 2023 2024 2024 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 1,213,767 1,123,292 153,890 Short-term investments - 45,457 6,228 Accounts receivable, net 60,832 52,030 7,128 Inventories, net 16,518 23,475 3,216 Amounts due from related parties 1,810 2,051 281 Prepayments and other current assets 89,511 89,512 12,263 Total current assets 1,382,438 1,335,817 183,006 Non-current assets Property and equipment, net 6,169 3,476 476 Intangible assets, net 23,245 16,429 2,251 Operating lease right-of-use assets 3,648 14,885 2,039 Long-term investment 26,333 26,333 3,608 Other non-current assets 8,662 22,701 3,110 Total non-current assets 68,057 83,824 11,484 Total assets 1,450,495 1,419,641 194,490 LIABILITIES Current liabilities Accounts payable 22,139 30,233 4,142 Deferred revenue and customer advances 318,587 283,251 38,805 Amounts due to related parties 4,428 1,734 238 Accrued expenses and other current liabilities 143,677 126,501 17,331 Dividend payable - 2,164 296 Current operating lease liabilities 1,927 3,661 502 Total current liabilities 490,758 447,544 61,314 Non-current liabilities Non-current operating lease liabilities 1,933 11,252 1,542 Total non-current liabilities 1,933 11,252 1,542 Total liabilities 492,691 458,796 62,856 SHAREHOLDERS' EQUITY Ordinary shares (par value of US$0.0001 per share, 700,000,000 Class A shares authorized as of December 31, 2023 and December 31, 2024; 125,122,382 Class A shares issued and 119,704,787 outstanding as of December 31, 2023; 125,122,382 Class A shares issued and 116,084,207 outstanding as of December 31, 2024; 200,000,000 Class B shares authorized, 144,000,000 Class B ordinary shares issued and outstanding as of December 31, 2023 and December 31, 2024; 100,000,000 shares (undesignated) authorized, nil shares (undesignated) issued and outstanding as of December 31, 2023 and December 31, 2024) 185 185 25 Additional paid-in capital 1,088,628 996,657 136,541 Treasury stock (16,665) (26,296) (3,603) Statutory reserves 8,164 8,395 1,150 Accumulated other comprehensive income 17,955 24,009 3,289 Accumulated deficit (140,463) (42,105) (5,768) Total shareholders' equity 957,804 960,845 131,634 Total liabilities and shareholders' equity 1,450,495 1,419,641 194,490 iHuman Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares, ADSs, per share and per ADS data) For the three months ended For the year ended December 31, September 30, December 31, December 31, December 31, December 31, December 31, 2023 2024 2024 2024 2023 2024 2024 RMB RMB RMB US$ RMB RMB US$ Revenues 250,447 239,407 232,684 31,878 1,018,139 922,201 126,341 Cost of revenues (72,201) (75,541) (76,243) (10,445) (296,868) (282,048) (38,640) Gross profit 178,246 163,866 156,441 21,433 721,271 640,153 87,701 Operating expenses Research and development expenses (66,293) (59,307) (63,308) (8,673) (257,546) (247,757) (33,943) Sales and marketing expenses (64,511) (60,863) (54,109) (7,413) (199,504) (221,230) (30,308) General and administrative expenses (25,547) (22,998) (24,106) (3,303) (104,334) (99,254) (13,598) Total operating expenses (156,351) (143,168) (141,523) (19,389) (561,384) (568,241) (77,849) Operating income 21,895 20,698 14,918 2,044 159,887 71,912 9,852 Other income, net 8,965 8,024 12,245 1,678 42,686 38,689 5,300 Income before income taxes 30,860 28,722 27,163 3,722 202,573 110,601 15,152 Income tax benefits (expenses) 2,411 (3,579) (682) (93) (21,666) (12,012) (1,646) Net income 33,271 25,143 26,481 3,629 180,907 98,589 13,506 Net income per ADS: - Basic 0.63 0.48 0.51 0.07 3.43 1.88 0.26 - Diluted 0.61 0.47 0.49 0.07 3.30 1.82 0.25 Weighted average number of ADSs: - Basic 52,740,067 52,283,334 52,097,127 52,097,127 52,810,587 52,400,383 52,400,383 - Diluted 54,753,503 54,011,420 53,965,183 53,965,183 54,753,025 54,239,751 54,239,751 Total share-based compensation expenses included in: Cost of revenues 64 22 18 2 299 106 15 Research and development expenses 1,115 225 273 37 4,055 1,303 179 Sales and marketing expenses 122 39 34 5 707 164 22 General and administrative expenses 817 329 229 31 4,374 1,251 171 iHuman Inc. UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares, ADSs, per share and per ADS data) For the three months ended For the year ended December 31, September 30, December 31, December 31, December 31, December 31, December 31, 2023 2024 2024 2024 2023 2024 2024 RMB RMB RMB US$ RMB RMB US$ Operating income 21,895 20,698 14,918 2,044 159,887 71,912 9,852 Share-based compensation expenses 2,118 615 554 75 9,435 2,824 387 Adjusted operating income 24,013 21,313 15,472 2,119 169,322 74,736 10,239 Net income 33,271 25,143 26,481 3,629 180,907 98,589 13,506 Share-based compensation expenses 2,118 615 554 75 9,435 2,824 387 Adjusted net income 35,389 25,758 27,035 3,704 190,342 101,413 13,893 Diluted net income per ADS 0.61 0.47 0.49 0.07 3.30 1.82 0.25 Impact of non-GAAP adjustments 0.04 0.01 0.01 0.00 0.18 0.05 0.01 Adjusted diluted net income per ADS 0.65 0.48 0.50 0.07 3.48 1.87 0.26 Weighted average number of ADSs – diluted 54,753,503 54,011,420 53,965,183 53,965,183 54,753,025 54,239,751 54,239,751 Weighted average number of ADSs – adjusted 54,753,503 54,011,420 53,965,183 53,965,183 54,753,025 54,239,751 54,239,751
DONGGUAN, China and PLANO, Texas, March 25, 2025 /PRNewswire/ -- Dogness (International) Corporation ("Dogness" or the "Company") (NASDAQ: DOGZ), a developer and manufacturer of a comprehensive line of Dogness-branded, OEM and private label pet products, today announced its annual meeting of shareholders for the fiscal year ended June 30, 2024, will be held on March 27, 2025, at 9:00 a.m. China Time (9:00 p.m. Eastern Time on March 26, 2025). The meeting will be held at the Company's executive office at No. 16 N. Dongke Road, Tongsha Industrial Zone, Dongguan, Guangdong, China. The meeting will be held as a hybrid virtual and physical meeting. Shareholders unable to attend in person may attend by call as follows: Topic: DOGNESS (INTERNATIONAL) CORPORATION ANNUAL SHAREHOLDER MEETING 2024 Time: Mar 26, 2025 09:00 PM Eastern Time (US and Canada) Join Zoom Meeting https://us06web.zoom.us/j/88948047162?pwd=Eaypg5PPF1QRRLX59bFAexnam0INbf.1 Meeting ID: 889 4804 7162 Passcode: 916781 Annual meeting materials will be made available on the Company's investor relations website ir.dogness.com and is available in its filings with the U.S. Securities and Exchange Commission on the EDGAR website www.sec.gov. About Dogness Dogness (International) Corporation was founded in 2003 from the belief that dogs and cats are important, well-loved family members. Through its smart products, hygiene products, health and wellness products, and leash products, Dogness' technology simplifies pet lifestyles and enhances the relationship between pets and pet caregivers. The Company ensures industry-leading quality through its fully integrated vertical supply chain and world-class research and development capabilities, which has resulted in over 200 patents and patents pending. Dogness products reach families worldwide through global chain stores and distributors. For more information, please visit: ir.dogness.com. Forward Looking Statements No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding lingering effects of the Covid-19 pandemic on our customers' businesses and end purchasers' disposable income, our ability to raise capital on any particular terms, fulfillment of customer orders, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to realize revenue from expanded operation and acquired assets in China and the U.S., our ability to attract and retain highly skilled professionals, client concentration, industry segment concentration, reduced demand for technology in our key focus areas, our ability to successfully complete and integrate potential acquisitions, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Dogness may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law. For investor and media inquiries, please contact: Wealth Financial Services LLCConnie Kang, PartnerEmail: ckang@wealthfsllc.comTel: +86 1381 185 7742 (CN)
SHANGHAI, March 24, 2025 /PRNewswire/ -- Henlius (2696.HK) announced its 2024 annual results. During the reporting period, Henlius' total revenue reached approximately RMB5.7244 billion, representing an increase of 6.1% YoY. The net profit reached RMB820.5 million, a 50.3% YoY growth, with a net profit margin of 14.3%, up by 41.6% YoY. This marks Henlius' second consecutive year of full-year profitability following its first profitable year in 2023. The increasing commercial sales of core products have been a key driver of profitability, with total product sales revenue reaching approximately RMB4.9335 billion, an increase of 8.3% YoY. Additionally, the company's annual R&D expenditure reached RMB1.8405 billion, representing an increase of 28.4% YoY. In 2024, Henlius continued to deepen its focus on high-incidence cancer areas such as breast cancer, lung cancer, and gastrointestinal tumours, with core products driving steady revenue growth and achieving the goal of sustained profitability. During the reporting period, Henlius' HANQUYOU (trastuzumab, trade name: HERCESSI™ in the U.S., Zercepac® in Europe), HANSIZHUANG (serplulimab, trade name: Hetronifly® in Europe), HANBEITAI (bevacizumab) and HANNAIJIA (neratinib), achieved sales revenues of RMB2.8100 billion, RMB1.3126 billion, RMB197.1 million and RMB45.3 million, respectively in 2024. Additionally, based on agreements with partners, the company received total revenues of RMB550.4 million and RMB40.1 million for HANLIKANG (rituximab) and HANDAYUAN (adalimumab), respectively. Henlius has accelerated breakthroughs in its innovation pipeline and efficiently expanded its global footprint, unlocking further growth potential and driving sustainable, high-quality development. To date, Henlius has secured approvals for 6 products in China and 4 internationally, reaching over 50 countries and regions across Asia, Europe, Latin America, North America, and Oceania, benefiting over 750,000 patients worldwide. During the reporting period, the company completed 25 marketing applications and secured 17 approvals around the world, covering key markets such as China, the U.S., the EU, Canada and Indonesia, accelerating its global expansion. Additionally, Henlius has maintained a differentiated innovation strategy, building a pipeline of about 50 molecules, including monoclonal antibodies, polyclonal antibodies, ADC, and fusion proteins. In Japan, the first patient has been dosed in the phase 3 stage of the international multi-centre clinical trial (ASTRUM-015) of serplulimab for metastatic colorectal cancer (mCRC), and HLX22 (anti-HER2 mAb) has received phase 3 trial approval for advanced gastric cancer.
SHANGHAI, March 24, 2025 /PRNewswire/ -- Henlius (2696.HK) announced its 2024 annual results. During the reporting period, Henlius' total revenue reached approximately RMB5.7244 billion, representing an increase of 6.1% YoY. The net profit reached RMB820.5 million, a 50.3% YoY growth, with a net profit margin of 14.3%, up by 41.6% YoY. This marks Henlius' second consecutive year of full-year profitability following its first profitable year in 2023. The increasing commercial sales of core products have been a key driver of profitability, with total product sales revenue reaching approximately RMB4.9335 billion, an increase of 8.3% YoY. Additionally, the company's annual R&D expenditure reached RMB1.8405 billion, representing an increase of 28.4% YoY. Henlius has accelerated breakthroughs in its innovation pipeline and efficiently expanded its global footprint, unlocking further growth potential and driving sustainable, high-quality development. Up to date, Henlius has secured approvals for 6 products in China and 4 internationally, reaching over 50 countries and regions across Asia, Europe, Latin America, North America, and Oceania, benefiting over 750,000 patients worldwide. During the reporting period, the company completed 25 marketing applications and secured 17 approvals around the world, covering key markets such as China, the United States (U.S.), the European Union (EU), Canada and Indonesia, accelerating its global expansion. Additionally, Henlius has maintained a differentiated innovation strategy, building a pipeline of about 50 molecules, including monoclonal antibodies (mAbs), polyclonal antibodies (pAbs), antibody-drug conjugates (ADCs), and fusion proteins. The company leverages cutting-edge technologies such as AI to address unmet clinical needs and enhance the translation of innovative achievements. Mr. Wenjie Zhang, Chairman of Henlius, said: "Henlius has consistently achieved year-round profit growth, which fully validates our continuous improvement in strategic planning and business operational efficiency, laying a solid foundation for sustainable development. Adhering to patient-centricity, Henlius will continue to focus on unmet clinical needs, fully leverage the advantages of its integrated platform, further optimize the lean operation management system, and drive the company towards higher quality development." Dr. Jason Zhu, Executive Director and Chief Executive Officer of Henlius, said: "Over the past year, we have anchored our strategy in innovation and globalization, accelerating overseas market expansion and solidifying our position as a leader among Chinese biopharmaceutical companies going global. By building a diversified innovation pipeline and embracing cutting-edge technologies, we have consistently fuelled innovation and unlocked sustainable growth momentum. Moving forward, we will continue to be driven by innovation, advancing our global journey to deliver more high-quality treatment options for patients worldwide." Harnessing Momentum through Profitability, Charting New Horizons in Global Expansion In 2024, Henlius continued to deepen its focus on high-incidence cancer areas such as breast cancer, lung cancer, and gastrointestinal tumours, with core products driving steady revenue growth and achieving the goal of sustained profitability. During the reporting period, Henlius' 6 products recorded total sales revenue of RMB4.9335 billion, up by 8.3% YoY. Among these, HANQUYOU (trastuzumab, trade name: HERCESSI™ in the U.S., Zercepac® in Europe), HANSIZHUANG (serplulimab, trade name: Hetronifly® in Europe), HANBEITAI (bevacizumab) and HANNAIJIA (neratinib), achieved sales revenues of RMB2.8100 billion, RMB1.3126 billion, RMB197.1 million and RMB45.3 million, respectively in 2024. Additionally, based on agreements with partners, the company received total revenues of RMB550.4 million and RMB40.1 million for HANLIKANG (rituximab) and HANDAYUAN (adalimumab), respectively. The company's core product on breast cancer, HANQUYOU, maintained robust growth. In 2024, the global sales revenue of HANQUYOU was approximately RMB2.8100 billion, with domestic sales of RMB2.6924 billion and overseas sales revenue of RMB117.6 million up by 27.0% YoY. HANQUYOU is a China-developed monoclonal antibody biosimilar receiving approvals in China, the U.S., and Europe, making it the most widely approved Chinese mAb biosimilar across multiple countries and regions. In 2024, the product received approvals for marketing in countries and regions including the Philippines, Brazil, the U.S., and Canada, with successful shipments made to Saudi Arabia and the U.S. Its commercial supply network now covers countries and regions such as China, Southeast Asia, North America, Europe, the Middle East, and Latin America. To date, HANQUYOU has gained marketing approvals in over 50 countries and regions, including the U.S., the U.K., Canada, France, Germany, Switzerland and has been included in the national medical insurance catalogues of countries such as China, the UK, France, and Germany, benefiting over 240,000 patients globally. Additionally, in August 2024, Henlius entered into a strategic cooperation with Convalife Pharmaceuticals for HANNAIJIA (neratinib), an oral small molecule anti-tumour drug, further enriching its breast cancer treatment portfolio. Neratinib is used for extended adjuvant therapy in early-stage HER2-positive breast cancer and can be used sequentially with HANQUYOU to further reduce the risk of recurrence for patients with early-stage HER2-positive breast cancer within 5 and 10 years after surgery, providing a new treatment option for patients. Focusing on lung cancer and gastrointestinal tumours, HANSIZHUANG, recognized for its breakthrough efficacy and differentiated advantages, has been approved for marketing in over 30 countries and regions, including China, Europe and Southeast Asia, benefiting more than 100,000 patients. In 2024, HANSIZHUANG recorded a total sales revenue of RMB1.3126 billion, representing an increase of 17.2% YoY, with domestic sales of RMB1.3089 billion. HANSIZHUANG is the world's first anti-PD-1 mAb approved for the first-line treatment of small cell lung cancer. In December 2024, it was approved for the treatment of non-squamous non-small cell lung cancer (nsNSCLC), marking its third approved indication in lung cancer following squamous NSCLC and extensive-stage small cell lung cancer (ES-SCLC). Furthermore, HANSIZHUANG has been included in 118 provincial/city-level commercial medical insurance programs across China, further strengthening its market competitiveness. In terms of overseas expansion, the company continues to collaborate with partners including Intas, KGbio, and Fosun Pharma to promote the globalization of HANSIZHUANG. To date, HANSIZHUANG has been licensed out to more than 100 countries and regions including the U.S., Europe, Southeast Asia, the Middle East, and North Africa. In the first quarter of 2024, the company efficiently completed the first shipment of HANSIZHUANG overseas, marking its entry as the first domestically produced anti-PD-1 mAb in Southeast Asian countries, offering new treatment options to patients worldwide. In February 2025, it was approved in the EU for the first-line ES-SCLC treatment, becoming the first and currently the only anti-PD-1 mAb in the EU for this indication, further benefiting more patients worldwide. In 2024, as part of its commitment to provide affordable and high-quality biomedicines for patients worldwide, Henlius has achieved remarkable success in the international market, and successfully realized the "Closed-loop Internationalization 1.0". Following HANQUYOU and HANSIZHUANG, China's first biosimilar, HANLIKANG, was approved for marketing in several Latin American countries including Peru, while HANBEITAI received its first approval in Bolivia, becoming Henlius' fourth product approved overseas. Moreover, the marketing applications for HLX14 (denosumab biosimilar) have been accepted in both the EU and the U.S., and the marketing applications for HLX11 (pertuzumab biosimilar) have also been accepted in China and the U.S., infusing new momentum into the company's global development. In 2024, the company achieved new milestones in business collaborations. Henlius has expanded its collaborations in emerging markets with Getz for HANQUYOU and with Abbott for five biopharmaceuticals. It has also entered into an out-licensing partnership with Dr. Reddy's for HLX15, a biosimilar of daratumumab, accelerating the global expansion of the product. Besides, the company partnered with Sermonix on HLX78 (lasofoxifene), an investigational novel endocrine therapy for breast cancer, for the Asian region, and collaborated with Palleon to advance glycan-editing therapies, further enhancing its pipeline. Additionally, the company established a strategic partnership with SVAX to set up a joint venture in Saudi Arabia, enhancing the accessibility of advanced biologics across the Middle East, North Africa, and Türkiye (MENAT) countries. Deepening Innovation Pipeline to Address Unmet Clinical Needs In 2024, Henlius focused on unmet clinical needs, driving innovation in antibody technology to accelerate the development of potential "First-in-Class" and "Best-in-Class" molecules into clinical stages. The company optimized its ADC and T cell Engager (TCE) platforms, leveraging advanced technologies such as AI to enhance R&D capabilities. In clinical development, Henlius actively progressed the development of HANSIZHUANG, HLX22 (anti-HER2 mAb), HLX43 (PD-L1 ADC) and other products. The company has initiated a range of clinical trials to support global regulatory submissions for a wide variety of indications for HANSIZHUANG. The phase 3 stage of the international multi-centre clinical trial (ASTRUM-015) of serplulimab in combination with bevacizumab and chemotherapy in first-line treatment of metastatic colorectal cancer (mCRC) has dosed the first patients in China, Indonesia and Japan, potentially making it the first anti-PD-1 mAb in non-MSI-H mCRC worldwide. The company is actively advancing an international multi-centre phase 3 clinical trial of HANSIZHUANG plus chemotherapy and concurrent radiotherapy in patients with limited-stage small cell lung cancer (LS-SCLC) and a phase 3 clinical trial of HANSIZHUANG plus chemotherapy as neoadjuvant/adjuvant therapy for gastric cancer (GC). Henlius is also conducting a bridging head-to-head trial in the U.S. to compare HANSIZHUANG with standard of care atezolizumab (anti-PD-L1 mAb) for the first-line treatment of ES-SCLC. HLX22, targeting HER2-positive advanced gastric cancer, received Phase 3 clinical trial approvals from China NMPA, U.S. FDA, Japan PMDA, Australia TGA etc., and this international study has been initiated in multiple countries and regions worldwide and has completed its first patient dosing globally. In March 2025, the U.S. FDA granted orphan drug designation (ODD) to HLX22 for the treatment of gastric cancer. A phase 2 trial is also evaluating the potential of HLX22 in other HER2-expressing solid tumours in combination with trastuzumab and chemotherapy or in combination with trastuzumab deruxtecan (T-DXd). HLX43, the world's second and China's first clinical-stage PD-L1 ADC, has completed its first phase 2 clinical trial dosing in solid tumours. In addition, a phase 1b/2 trial of HLX43 in combination with the anti-PD-1 mAb serplulimab has been approved in China, aiming to exploit the synergistic effects of ADC and immunotherapy in advanced/metastatic solid tumours. Meanwhile, the company continues to optimize its production operations and quality management system, strengthening its foundation for future development. To date, it has established a total commercial capacity of 48,000 litres, ensuring stable supply to countries and regions including China, Southeast Asia, North America, Europe, the Middle East, and Latin America. The completion of the Songjiang Second Plant will further enhance its production capabilities. In terms of quality management, the company's manufacturing facilities and production lines have successfully passed nearly a hundred inspections or audits conducted by various regulatory authorities and international business partners. It has obtained GMP certifications from China, the EU, the U.S. and multiple PIC/S member countries, including Indonesia and Brazil. Additionally, the Songjiang Facility has received ISO 14001 and ISO 45001 dual certifications, demonstrating its international leadership in environmental sustainability and employee health and safety, further strengthening its company's global production and supply capabilities. Looking forward, Henlius will continue to adhere to its patient-centricity, driven by innovation and globalization, to enhance commercial operations, strengthen production capacity and provide more accessible and affordable high-quality treatment options for patients worldwide, steadily advancing toward becoming a globally competitive biopharmaceutical company. About Henlius Henlius (2696.HK) is a global biopharmaceutical company with the vision to offer high-quality, affordable and innovative biologic medicines for patients worldwide with a focus on oncology, autoimmune diseases and ophthalmic diseases. Up to date, 6 products have been launched in China, 4 have been approved for marketing in overseas markets, and 4 marketing applications have been accepted for review in China, the U.S. and the EU, respectively. Since its inception in 2010, Henlius has built an integrated biopharmaceutical platform with core capabilities of high-efficiency and innovation embedded throughout the whole product life cycle including R&D, manufacturing and commercialization. It has established global innovation centre and Shanghai-based commercial manufacturing facilities certificated by China, the EU and U.S. GMP. Henlius has pro-actively built a diversified and high-quality product pipeline covering about 50 molecules and has continued to explore immuno-oncology combination therapies with proprietary HANSIZHUANG (anti-PD-1 mAb) as the backbone. To date, the company's launched products include HANLIKANG (rituximab), the first China-developed biosimilar, HANQUYOU (trastuzumab, trade name: HERCESSI™ in the U.S., Zercepac® in Europe), a China-developed mAb biosimilar approved in China, Europe and U.S., HANDAYUAN (adalimumab), HANBEITAI (bevacizumab), HANSIZHUANG (serplulimab, trade name: Hetronifly® in Europe), the world's first anti-PD-1 mAb for the first-line treatment of SCLC, and HANNAIJIA (neratinib). What's more, Henlius has conducted over 30 clinical studies for 19 products, expanding its presence in major markets as well as emerging markets.
Revenue increased by 90.8% YoY to RMB 4,052 million Gross profit grew by 121.6% YoY to RMB 1,240 million, with its margin of 30.6%, a 4.3 percentage points increase compared to that of 2023 Net profit surged by 277.2% YoY to RMB 1,070 million, with its margin of 26.4%, a 13.0 percentage points increase compared to that of 2023 The total global customer base expanded to 499, adding 154 new customers in 2024 The total number of iCMC projects reached 194, adding 53 new iCMC projects to the portfolio The total backlog grew to US$991 million, representing a 71.3% YoY growth Launched a new production line, BCM2 Line 2, at the Wuxi site, further increased manufacturing capacities The construction of Singapore commercial site is progressing smoothly and well on track for operation commencement by the end of 2025 Winner of the "Best CDMO" Award consecutively in 2023 and 2024 Continue to invest in frontier technology, solidifying the Group's competitiveness and leadership position SHANGHAI, March 24, 2025 /PRNewswire/ -- WuXi XDC Cayman Inc. (the "WuXi XDC" or the "Group", stock code: 2268.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO) focused on the bioconjugate market, is pleased to announce its annual results for 2024 (the "Reporting Period"). Dr. Jimmy Li, CEO of WuXi XDC, stated, "The year 2024 has been another year of exceptional growth and remarkable achievements for us, even as we navigated a dynamic macro environment. Our strong performances reflect the relentless dedication of our entire organization, as well as the trust and support from our customers, investors, and stakeholders. We have made significant strides in expanding our global presence, enhancing our in-house technology capabilities, and solidifying our position as a leading CRDMO in the ADC and bioconjugate market. Our focus on customer needs and innovative trends has driven our success, enabling us to deliver high-quality services and solutions. The Singapore commercial site is on track and to be operational by the end of 2025, underscoring our unwavering commitment to a robust global presence by delivering top-tier commercial manufacturing capabilities. Looking ahead, we are excited by the vast market opportunities in the bioconjugate space. We believe that with our strong expertise and integrated capabilities, we will continue to win customers, and increase our market share going forward." Financial Highlights Revenue The Group's revenue increased by 90.8% YoY to RMB4,052.3 million for the year ended December 31, 2024. This increase was primarily attributable to (i) the growth in the number of customers and projects, driven by continued active development of the global ADC and broader bioconjugates market, (ii) our increasing market share through the Group's established position as a leading bioconjugate CRDMO service provider, and (iii) the advancement of the Group's projects into later stages. Gross Profit and Its Margin The Group's gross profit increased by 121.6% YoY to RMB 1,239.8 million, with a gross profit margin of 30.6% and a 4.3 percent points increased compared to 2023. This improvement is driven by (i) further improving utilization rate of our manufacturing facilities including the swift ramp-up of new production line (BCM2 L1), (ii) the enhanced overall operation and manufacturing efficiency, (iii) the continuous efforts in cost control, and (iv) the continuous efforts in procurement strategy optimization. Adjusted Net Profit Before Interest Income and Expense and Its Margin The Group's adjusted net profit before interest income and expense increased by 171.3% YoY to RMB 992.0 million. The margin of adjusted net profit before interest income and expense improved to 24.5% in 2024, a 7.3 percent points increase compared to that of 2023. Adjusted Net Profit and Its Margin The Group's adjusted net profit increased by 184.8% YoY to RMB 1174.0 million. The margin of adjusted net profit improved to 29.0% in 2024, a 9.6 percent points increase compared to that of 2023. Net Profit and Its Margin The Group's net profit increased by 277.2% YoY to RMB 1,069.6 million. The net profit grew faster than revenue and business growth, mainly attributed to the increase in gross profit margin, improvement in operation efficiency, continuous stringent cost control measures, and increased interest income. The net profit margin of the Group improved to 26.4% in 2024, a 13.0 percentage points increase compared to that of 2023. Customers and Projects Highlights We have continuously expanded our customer base, reaching a cumulative total of 499, through strong customer-enabling empowerment. Notably, 13 out of top 20 global pharmaceutical companies (*ranked by 2023 revenue) have partnered with us in various stages of projects. In 2024, 60% of the large-scale China-to-global out-licensing deals involving ADC (total deal value exceeding US$1 billion) were our customers, which is a strong testament to our leading position in the bioconjugate industry. As of the reporting date, all customers' out-license assets empowered by WuXi XDC are in active development. The "Enable, Follow, and Win the Molecule" strategy continued to drive sustained and rapid project growth. The total number of integrated projects ("iCMC projects") is 194, with 53 newly signed integrated projects. The Group has secured 8 PPQ projects and one commercial stage project. Additionally, our platform has achieved the highest number of IND approvals globally in 2024. The Group has a diversified project base covering both innovative ADC and broader bioconjugate ("XDC") projects. The total number of integrated ADC projects reached to 177, and the number of integrated XDC projects increased to 17. The Group is committed to pioneering the development of the bioconjugate industry and meeting various development requirements from our customers. In 2024, the Group explored over 4,200 molecules of various modalities, including bispecific ADC, dual-payload ADC, DAC, AOC, APC, ACC etc. Fully Integrated R&D Technology Platform The Group strives to empower customers with cutting-edge conjugation and payload-linker technologies, along with extensive expertise of bioconjugate development capabilities to fulfill diverse R&D requirements. Conjugation Technology—The proprietary WuXiDARx™ technology aims to meet customers' demands for highly homogeneous ADCs with a range of distinct DAR values. As of the reporting date, 45 pre-clinical candidates and 7 clinical projects were successfully developed by using our WuXiDARx™ technology. Linker-payload technology—The newly launched proprietary X-LinC technology can significantly improve the plasma stability by replacing the maleimide connector, hence potentially improving ADC stability and therapeutic window. The Group is also developing its proprietary hydrophilic linker, an innovative linker designed to improve hydrophilicity and stability. Meanwhile, Proprietary CPT payload as well as other novel payloads are also being developed. By leveraging a diverse suite of in-house technology, extensive expertise and collaborations with third parties, the Group enables customers to optimize ADC and XDC design in early stage while ensuring scalability and quality for clinical and commercial production and manufacturing. Capacity Expansion and Business Operation Updates The Group has adopted a centralized quality assurance system across its "All-in-One" manufacturing facilities in the Wuxi site to safeguard product quality. During the reporting period, the Group maintained a high execution standard and delivered a 100% success rate to global customers. All of the Group's manufacturing operations are conducted in accordance with the GMP regulations set by FDA, EMA and NMPA. The Group has completed more than 137 GMP audits from global customers, including 16 audits by EU Qualified Persons. The construction of Singapore site is ongoing and the new facility is targeted to be operational by the end of 2025. With the launch of BCM2 L2, the Wuxi site has further increased its mAb and DS manufacturing capacities. In response to the fast-growing demands, the Group has announced the plan of adding two DP lines at the Wuxi site. Specifically, the DP3 facility ("DP3") is expected to be operational by the first half of 2025, and the DP5 facility ("DP5") is currently under design and scheduled to be launched in 2027. The total number of full-time employees increased by 73.3% YoY to 2,041 in the Group, driven by rapid business growth and the Group's capacity expansion. The Group is committed to strengthen ESG governance and received an 'A' rating in the Wind ESG rankings in 2024, reflecting our exceptional performance in corporate responsibility, risk management, and ethical business conduct. Key Financials （For the Year Ended December 31） Key Financials (RMB Mn) 2024 2023 YoY% Revenue 4,052.3 2,123.8 90.8 % Gross Profit Margin (%) 1,239.8 30.6% 559.6 26.3% 121.6 % Adjusted Net Profit Before Interest Income and Expense Margin (%) 992.0 24.5% 365.6 17.2% 171.3 % Adjusted Net Profit Margin (%) 1,174.0 29.0% 412.3 19.4% 184.8 % Net Profit Margin (%) 1,069.6 26.4% 283.5 13.4% 277.2 % -***- About WuXi XDC WuXi XDC Cayman Inc. ("WuXi XDC", stock code: 2268.HK) is a leading global CRDMO focused on bioconjugate market. It provides end-to-end contract research, development and manufacturing services for ADC and broader bioconjugates. For more information about WuXi XDC, please visit: www.wuxixdc.com Contacts Investor: wuxixdc.ir@wuxibiologics.comMedia: wuxixdc_pr@wuxibiologics.comBD: wuxixdc_info@wuxibiologics.com Forward-Looking Statements This presentation may contain certain "forward-looking statements" which are not historical facts, but instead are predictions about future events based on our beliefs as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks relating to, among other things, the ability of our service offerings to compete effectively, our ability to meet timelines for the expansion of our service offerings, and our ability to protect our customers' intellectual property. Our forward-looking statements in this presentation speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements except as required by applicable law or listing rules. Accordingly, you are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. All forward-looking statements contained herein are qualified by reference to the cautionary statements set forth in this section. Use of Adjusted Financial Measures (Non-IFRS Measures) We have provided adjusted net profit, adjusted net profit margin, adjusted net profit before interest income and expense, margin of adjusted net profit before interest income and expense and adjusted diluted earnings per share for the corresponding periods, which excludes the share-based compensation expenses, listing expenses, gains or losses from equity investments and foreign exchange gains or losses, and are not required by, or presented in accordance with, IFRS. We believe that the adjusted financial measures used in this presentation are useful for understanding and assessing underlying business performance and operating trends, and we believe that management and investors may benefit from referring to these adjusted financial measures in assessing our financial performance by eliminating the impact of certain unusual and non-recurring items that we do not consider indicative of the performance of our business. However, the presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. You should not view adjusted results on a stand-alone basis or as a substitute for results under IFRS, or as being comparable to results reported or forecasted by other companies.
London, United Kingdom - Newsfile Corp. - 24 March 2025 - Gorilla Technology Group Inc. (NASDAQ: GRRR) ("Gorilla" or the "Company") issued a press statement. "Gorilla Technology will not engage with baseless allegations spread by individuals charged by multiple authorities with fraud and market manipulation. Given the multiple charges filed by both the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice (DOJ) against those behind these claims, their credibility is highly questionable. Our legal counsels across multiple jurisdictions are currently engaged in this matter. We will let our results and our business strategy speak for themselves," said Jay Chandan, Chairman & CEO of Gorilla Technology. Given the fall in the Company's share price in connection with recent short selling, Gorilla's Board of Directors once again believes the shares to be deeply undervalued. Therefore, the Company will utilize funds remaining under its previously announced share buyback programme following the release of its 2024 earnings statement if the share price continues to fail to reflect what the Board sees as the Company's intrinsic value. In addition, it is the intent of a large portion of the Board and the entire executive management team to acquire shares following the Company's earnings release. Jay Chandan added, "We believe in this company, in our vision and in the undeniable momentum we have built. The market will eventually catch up and we are putting our money where our conviction is." About Gorilla Technology Group Inc. Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide a wide range of solutions, including Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education, by using AI and Deep Learning Technologies. Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents. For more information, please visit our website: Gorilla-Technology.com. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Gorilla's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding our beliefs about the Company's intrinsic value and the ability of its board members and management team to purchase shares in the open market, along with those other risks described under the heading "Risk Factors" in the Form 20-F Gorilla filed with the Securities and Exchange Commission (the "SEC") on May 15, 2024 and those that are included in any of Gorilla's future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Gorilla and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Gorilla undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation. Contact: Dave Gentry, CEO RedChip Companies, Inc. 1-407-644-4256 GRRR@redchip.com The issuer is solely responsible for the content of this announcement.
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